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Foreign currency deposits in S.Korea fall for 4 months on lower yuan demand

Xinhua, September 8, 2015 Adjust font size:

Foreign currency deposits in South Korea reduced for four straight months due to low demand for the Chinese yuan-denominated deposits, central bank data showed Tuesday.

Foreign currency-denominated deposits by local residents amounted to 59.69 billion U.S. dollars as of end-August, down 1.18 billion dollars from the previous month, according to the Bank of Korea (BOK).

After peaking at 68.04 billion dollars in April, the deposits denominated in foreign currencies continued to decline for four months in a row.

The decline was led by weaker demand for yuan-denominated deposits, which fell 3.68 billion dollars last month on the back of lower deposit rates and higher costs for currency risk hedges.

The yuan deposits continued to fall to 10.63 billion dollars as of end-August, plunging from a peak of 21.7 billion dollars at the end of October last year.

The dollar deposits increased 2.28 billion dollars from a month earlier to 42.71 billion dollars as of end-August. Endi